Replies to post #16388 on Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

megazoo...

Fundamentally, IBM is a great short and before all of this is over I would not be surprised to see it cut in half. However, the recent trading near the lows has put in good support underneath current prices which will take some work or some negative news to break through. I would be more inclined to wait and short it on a breakdown to new lows. If you are thinking in terms of just a short term trade, then yes - it is very overextended and overbought here, and a correction is in order.

Just my opinion, though - I generally prefer to enter positions at either support or resistance points.

mlsoft

[Zeev Hed]

That is what I was suggesting to chainik early in July (#reply-17699319), and to Earlie and ork (#reply-17658607), and of course my target sell of the six Dow stocks suggested as long July 24, IBM was in the $76-79 range and here we are. I hope those that went long IBM at $66 on that suggestion are taking their well earned 20% profits here (all the six have now yielded in less than a month 20%).

Zeev